India Capital Growth was established to take advantage of long term investment opportunities in companies based in India. Investments are predominantly made into listed companies through a subsidiary in Mauritius. The objective is to provide long term capital appreciation by investing predominantly in listed mid and small cap companies with a smaller proportion in unlisted companies. Investments may also be made in large cap Indian companies where the Fund Manager believes long-term capital appreciation will be achieved. The Company may hold liquid assets (including cash) pending deployment in suitable investments. It is the Company’s declared policy not to hedge the exposure to the Indian Rupee. We have written notes that explain how the fund works:

"A win-win scenario" published in December 2020 looks at the trust's performance as the market bounces from COVID-19 triggered lows
"Needs more time" published in May 2020, urged investors to back the trust's continuation vote despite heightened COVID-19 related uncertainty
"Discounted value" published in October 2019 looks at the value within the trust's portfolio following a period of disappointing economic growth in India
"Shakeout uncovers value", published in November 2018, looks at how ICG still sees value in their portfolio despite a slide in the Indian market mainly due to the price of oil
"A return to earnings growth", published in June 2018, notes how ICG's portfolio is increasing with a focus on mid-and-small-cap companies delivering superior performance
"Moving to the main board", published in January 2018, describes ICG's move to the premium listing segment of the London Stock Exchange main market
"Full steam ahead", published in March 2017, with strong performance and soild conditions in India IGC's main focus now is driving down the discount on its shares
"India at a significant discount", published in October 2016, looks at a boost in net assets from converted shares while at the same time IGC's discount has widened compared to peers
"Indian powerhouse", published in July 2016, talks about IGC's discount gap and how India's economy is in a good place for earnings and growth
"Compounding machine", published in March 2016, introduction to IGC and how they are they only London listed fund with a portfolio of small and mid-cap Indian companies

You can access the manager's website here